Home Insurance can make sure you are protected.
Anglins Insurance Group knows that, and we take pride in knowing everything we need to about Home Insurance. We do the research and work with multiple carriers so that when the time comes to cover your most valuable investment. We are ready. We work, raise a family, buy a home, and make memories. Protecting that lifestyle is important. Providing HomeOwners Insurance Raleigh Durham , NC
Most standard homeowners insurance policies include four essential types of coverage:
- Coverage for the structure of your home
- Coverage for your personal belongings
- Liability protection
- Additional living expenses if you are temporarily unable to live in your home because of an insured disaster
How Much Insurance Is Enough?
Depending on the type of policy, the different dwelling coverage options could be:
1. Replacement Cost Coverage
2. Actual Cash Value
3. Special Payment – loss is paid before dwelling is repaired, rebuilt or replaced.
4. Functional Replacement Cost or Market Value Coverage – repairs are made using common, modern materials and methods without deduction for depreciation unless repairs are not made, and if a total loss, the payment amount will be the market value of the home.
5. Stated Value – a selected value is established by the insured, and this value is the limit of liability.
Depending on the coverage you select at the time of purchase of your policy, if you should incur a loss, the settlement of that loss will vary. A loss can be settled based on a replacement cost, repair cost, or actual cash value basis. Replacement cost is not the market value of your home, nor is it the tax-assessed value. It is the cost to replace the damaged property. With no reduction for depreciation of the damaged property. Actual cash value is the cost to replace the damaged property. Functional cost or market value (also known as repair cost) is the cost to repair the damaged property with equivalent construction for similar use. An example of functional replacement would be to replace a plaster wall with drywall. If stated value coverage is selected, the maximum amount paid at the time of loss is the value of the policy, even if the loss amount is larger than the value of the policy.
There are also limits that are required by the state. If the unthinkable happens, don’t get stuck having to foot the bill for repairs or personal injuries. Make sure you carry at least 80% coinsurance on your home insurance policy. Suggs Agency has all the details. Check with your agent to find out more. You can also reference handy guides like the Consumer Guide to Home Insurance.